Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (16,956,914)	$ (61,774,243)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	13,538,266	17,661,150
Amortization of deferred drydocking costs	1,975,139	1,389,680
Amortization of debt issuance costs	2,901,948	799,648
Amortization of fair value below contract value of time charter acquired	(375,833)	(251,096)
Payment-in-kind interest on debt	4,977,219	2,123,333
Impairment of Vessels		6,167,262
Net unrealized (gain) / loss on fair value of derivative instruments	(736,609)	294,150
Non-cash compensation expense	4,648,751	1,668,546
Fees paid on termination of time charter agreement	(1,500,000)
Drydocking expenditures	(341,350)	(2,037,821)
Loss / (gain) on sale of vessels	(1,897,899)	401,210
Changes in operating assets and liabilities:
Accounts receivable	(6,172,147)	1,513,372
Other current and non-current assets	(1,125,809)	(1,102,129)
Prepaid expenses	28,848	420,930
Inventories	(1,693,827)	(1,272,579)
Accounts payable	705,907	(319,601)
Accrued interest	(15,217)	(401,232)
Other accrued and other non-current liabilities	(3,593,657)	83,551
Unearned revenue	369,955	2,036,721
Net cash used in operating activities	(5,263,229)	(32,599,148)
Cash flows from investing activities:
Vessel Improvements	(413,801)	(237,235)
Purchase of vessels	(120,918,014)
Advance for purchase of vessels	(20,863,466)
Proceeds from sale of vessels	10,586,500	5,767,000
Changes in restricted cash		66,244
Purchase of Other Fixed assets	(204,348)	(421,028)
Net cash (used in)/provided by investing activities	(131,813,129)	5,174,981
Cash flows from financing activities:
Repayment of loan	(5,293,250)	(17,659,000)
Proceeds from the common stock private placement, net of issuance costs	96,030,003
Cash used to settle net share equity awards		(2,938)
Financing costs paid to lender	(918,000)	(600,000)
Other financing costs	(575,000)	(2,336,009)
Net cash provided by financing activities	129,243,753	14,402,053
Net decrease in cash and cash equivalents	(7,832,605)	(13,022,114)
Cash and cash equivalents at beginning of period	76,516,110	24,896,161
Cash and cash equivalents at end of period	68,683,505	11,874,047
Ultraco Debt Facility [Member]
Cash flows from financing activities:
Proceeds from Ultraco Debt Facility	40,000,000
Term Loan [Member]
Cash flows from financing activities:
Proceeds from Loan Facility		60,000,000
Revolver Loan [Member]
Cash flows from financing activities:
Proceeds from Loan Facility		5,158,500
Repayment of loan		$ (30,158,500)